Paddy Power Betfair set to appeal German and Greek tax assessments
Paddy Power Betfair has announced it will be contesting recent tax assessments regarding its time operating the Betfair Exchange in Germany and Greece.
The Hessen Fiscal Court’s assessment found that Paddy Power Betfair owed tax of approximately €40m ($45m) in Germany, including accrued interest.
The tax liability represents a multiple of the revenues generated by the Betfair Exchange, which operated in Germany until November 2012.
Paddy Power Betfair was also issued with a Greek tax assessment for the financial years 2012, 2013 and 2014. This was related to paddypower.com’s Greek interim license.
The assessment stated the group is liable to pay €15m in taxes, including both penalties and interest.
Paddy Power Betfair is confident it has grounds to appeal the decision and intends to do so.
The operator claims it paid the Greek liability last month in full, although it is awaiting clarity on the timing of any cash payments in Germany.